Independent explorer Energean Oil & Gas reported Wednesday that it has signed license agreements with the Greek government for onshore and offshore blocks in Greece.
As part of two consortiums Energean now holds interests in the onshore Ioannina block, located in Epirus, Western Greece, and the offshore Katakolon block, located in the northwesten Peloponnese. As well as Energean, the Ioannina consortium includes Petra Petroleum while the Katakolon consortium includes Trajan Oil.
Ioannina covers an area of 1,600 square miles and contains analogues of proven and producing oilfields in Albania, Italy and the wider region of the Adriatic Sea. Energean estimates that up to 100 million barrels of oil or two trillion cubic feet of natural gas could be discovered in the block.
Katakolon covers an area of 210 square miles and contains a proven oilfield where an exploration well was drilled in 1981. Here, Energean estimates a potential five million barrels of oil can be recovered.
The license agreements require investment programs, including seismic programs and drilling commitments on both blocks, amounting to around $65 million. Both licenses will expire in 30 years' time and are subject to Greek Parliament ratification.
Energean CEO Mathios Rigas commented in a company statement:
"We are very pleased that Energean has been awarded two out of three blocks in the open door licensing round, as we take the first steps into a new phase of hydrocarbons development in Greece.
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